To: Carolyn who wrote (53220 ) 2/13/2003 5:00:37 AM From: sandintoes Respond to Citigroup's Weill Nixes Bonus; Semel: 'Many Opportunities' For Yahoo! Chief Executive Sandy Weill, who spent much of last year battling charges of wrongdoing at the sprawling financial services giant, said he would not take a bonus for 2002 because of the decline in the company's stock. Weill had a bonus of $17 million in 2001. Weill will not be awarded any cash or stock bonuses for the year, as Citigroup shares fell 30% in 2002. Citigroup's problems last year--many of which involved other top investment banks--stemmed from allegations of misleading stock research and questions over its role in the demise of Enron (otc: ENRNQ - news - people ). More... the megaportal forecast it will pass $1 billion in revenue and return to its heights of the dot-com boom: "There are many opportunities for this company to grow." The CEO hinted the company would move ahead with plans to offer paid services without a connection attached, a strategy that AOL Time Warner's (nyse: AOL - news - people ) America Online and Bill Gates' Microsoft (nasdaq: MSFT - news - people ) MSN also say they'll pursue. "Some time in the first half of this year we will also be talking about bundled Yahoo! premium services...without access," Semel said. "We are going to do it slowly--you are not going to see us do 15 things in one day or one week," he said. "I am not a believer that we have to spend a lot of money to encourage people to come to Yahoo!." Semel also said the über-browser would "slowly, cautiously, deliberately" begin to expand U.S. programs like job search to its international sites The shares were up 4 cents at $18.33 in afternoon Nasdaq trade on Wednesday. The stock has gained about 11% since the start of the year More... Textiles. Buffett's Berkshire Hathaway (nyse: BRK.A - news - people ) acquired bankrupt Burlington Industries for $579 million in cash Tuesday, besting a bid by buyout investor Wilbur Ross. The move comes after Berkshire bought bankrupt underwear maker Fruit of the Loom for $835 million last year. Greensboro, North Carolina-based Burlington declared bankruptcy in late 2001, saddled by $1.1 billion of debt. Where some saw a boring industry overwhelmed by foreign competition, Buffett saw opportunity. "Only the very strong will survive in the textile industry--strong in management, strong in worker skills and strong in financial strength," Buffett said in a statement. "Burlington brings the first two resources to a successful reorganization; Berkshire brings the latter." More... forbes.com
